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Mondi announced that it has decided to postpone its $159.4 million investment in a new 90,000 tonne per annum machine glazed speciality kraft paper machine at its Steti mill in the Czech Republic.
In January of this year, Mondi announced plans to invest a total of EUR 470 million in the modernisation and expansion of the Steti mill. The project consists of the installation of a new recovery boiler, the rebuild of the fibre lines, the debottlenecking of the paper machines and an investment in a new 90,000 tonnes per annum machine glazed kraft paper machine.
Commenting on the new paper machine segment of the investment, Peter Oswald, Mondi CEO, said, “We have decided to postpone the machine glazed speciality kraft paper machine investment after a careful review of market conditions. While the proposed new machine remains an exciting investment opportunity, offering the lowest cost production of its sort in Europe, recently announced industry capacity expansions are expected to result in a market imbalance over the period in which the new machine was planned to come on line.